July 12, 2019 / 4:46 AM / 12 days ago

African Markets - Factors to watch on July 12

    NAIROBI, July 12 (Reuters) - The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Friday.
    - - - - -
 TO WATCH
 
 STEINHOFF RESULTS
     Scandal-hit Steinhoff will release its 2019 first-half
 results after reporting a 1.2 billion euro annual loss from
 a massive accounting scandal. The South African retailer
 warned in its 2018 annual report that the reputational
 damage it had suffered and advisor and professional fees
 would weigh on its performance this year.
 
  - - - -  
 
 GLOBAL MARKETS
      Asian shares veered between small losses and gains on
 Friday as investors awaited key China trade and lending
 data, and as worries over Sino-U.S. trade tensions countered
 optimism rooted in expectations of a Federal Reserve rate
 cut this month.
                             
 
 WORLD OIL PRICES
     Oil prices rose on Friday, hovering near six-week highs,
 as U.S. oil producers in the Gulf of Mexico cut more than
 half their output in the face of a tropical storm and as
 tensions continued to simmer in the Middle East.
                       
 
 EMERGING MARKETS
 For the top emerging markets news, double click on
            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 NIGERIA CENTRAL BANK
     Nigeria plans to encourage lending by capping banks'
 interest-bearing deposits at the central bank, the latest in
 a series of measures aimed at reviving an economy stuck with
 low growth.             
 
 CONGO REPUBLIC IMF
     The International Monetary Fund's (IMF) executive board
 approved a bailout worth nearly $449 million for OPEC member
 Congo Republic on Thursday, potentially setting a precedent
 for other nations struggling under the weight of large debts
 to China.             
 
 SOUTH AFRICA ECONOMY
     South Africa's manufacturing output grew only slightly
 in May while the slump in mining continued, albeit more
 moderately, shifting attention back onto the central bank to
 stimulate growth in an economy bleeding jobs.             
 
 SOUTH AFRICA PORTS
     A go-slow by workers at a major South African port is
 hitting exports of cars and other commodities, the country's
 Public Enterprises Minister Pravin Gordhan said on Thursday.
             
 
 KENYA GAMBLING
     Kenya has ordered telecoms firm Safaricom SCOM.NR to
 stop processing payments for sports betting companies,
 potentially shutting down a lucrative source of revenue for
 the company.             
 
 WEST AFRICA COCOA
     Top global cocoa producers Ivory Coast and Ghana have
 imposed a fixed "living income differential" of $400 a tonne
 on all cocoa contracts sold by either country for the
 2020/21 season, an official letter seen by Reuters shows.
                                 
 
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